SPOT - S&P 500 Bull Market: 2 Growth Stocks to Buy in July and Hold for the Long Term
2024-07-08 07:45:00 ET
The S&P 500 index is trading at an all-time high with a 16.8% gain in 2024 so far, placing it firmly in bull market territory. A series of tailwinds could be aligning to drive further momentum, including falling inflation, potential interest rate cuts, and strong corporate earnings.
Therefore, there's no time like the present to buy stocks, especially for investors with a long-term time horizon. Spotify (NYSE: SPOT) will report its latest financial results in July, with Uber Technologies (NYSE: UBER) set to report in August. Both companies opened 2024 with strong results. Here's why that looks set to continue.
Spotify is the world's largest music streaming platform. It has a 31.7% global market share (according to Statista), more than double the 14% share of Tencent , in second place. Music streaming is a competitive industry, and most of the top platforms offer near-identical content catalogs, which means they can only differentiate themselves through pricing, technology, and with other content outside of music.
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S&P 500 Bull Market: 2 Growth Stocks to Buy in July and Hold for the Long Term